March 2, 2020: Chenoa Fund Correspondent Newsletter

In this Issue

In the newsletter we seek to provide you with important information about Chenoa Fund. In this issue, find:

  1. CBC Mortgage Agency Releases Guidelines 8.3
  2. CBC Mortgage Agency On The Road
  3. Join Chenoa Fund on Instagram
  4. Chenoa Fund in the News
  5. Chenoa Fund Blog Posts
  6. Marketing Resources: DPA Seminar and Lunch-n-Learn Flyers

  

CBC Mortgage Agency Officially Published its Monthly Update to the Official Guidelines on February 14, 2020

 CBC Mortgage Agency announces Correspondent Lending Guide version 8.3.

 

  • 5.12 and 7.22 were updated to clarify our policy regarding the soft pull credit refresh requirement. We do require a tri-merge/three bureau soft pull credit refresh, dated within ten days of the note date, or evidence of enrollment in a credit monitoring service through this time period.
  • In 5.15, we introduced a relaxed policy regarding borrowers without a housing history in the 620–639 range. Previously, borrowers in this category could not exceed a 43% backend ratio. Now, borrowers can go up to 45% on the backend.
  •  In 5.17, we amended our LOE requirement for borrowers with no present housing payment. Now, in place of the LOE, we allow a VOR. For borrowers with a housing payment in the FICO range of 620–639, we will also require a VOR.
  • 5.27 now has a clarification regarding our LTV policy. Borrowers may increase their minimum required investment (down payment) by putting down additional funds above and beyond the assistance received from Chenoa Fund as long as the loan-to-value ratio does not go below 90%.
  •  In 5.28, an overlay was removed. In version 8.2 of this Guide, DACA recipients were not considered eligible for our conventional products. Now, DACA recipients are allowed on conventional products, per CBCMA’s interpretation of FNMA guidelines—this was updated for consistency. Even so, CBCMA relies on our correspondent partners to document lawful residency in accordance with FNMA and FHA guidance.
  • 7.20 now has a link to the principal reduction form provided by CBCMA.
  • 7.22 now includes another item on the “Documentation – General Requirements” list: the Closing Protection Letter. While the Closing Protection Letter was not included on the list previously, it was still a required document.
  • 8.3 now emphasizes that loans must be current at the time of purpose.
  •  8.8.1 was clarified, and now emphasizes that the down payment assistance funds must be identified as coming from “CBC Mortgage Agency 2nd Lien.”
  •  In 10.3, it was updated that, effective immediately, both holder and servicing rights need to be transferred to CBCMA in FHA Connection immediately upon sale of the loan to CBCMA. Previously, only holder rights were required to be transferred to CBCMA in FHAC. As CBCMA is now an authorized servicer in FHAC, we will require that the servicing rights be transferred as well.

 

CBC Mortgage Agency On The Road

They say February is the border between Winter and Spring, and for us… it’s the border between tax refunds and homebuyer season… we can’t wait! Things are starting to ramp up for the busy season, and our trips across the country have been nothing short of incredible these past few weeks. 

 

Celebrating Black History Month in a Historic Way: 

On February 18th, 2020, CBC Mortgage Agency’s UHOUSI initiative hosted its 2nd event of the year and circled around Black History month and homeownership. With over 200 people in attendance, Dr. Alveda C King Bishop and Bishop Harry R Jackson delivered messages of hope and celebration. See one of our own, Emenyo Segbefria (also more commonly known as “E”) with Dr. King:

 

 

View this post on Instagram

 

One of our account executives @em3nyo with @civilrightsfortheunborn (Dr. Alveda C. King) at our @uhousi homebuyer workshop in #atlantageorgia this weekend!

A post shared by Chenoa Fund (@chenoafundofficial) on

You can read more about the event in the articles below:

Atlanta Daily World: Alveda C. King and Bishop Harry R. Jackson partner with Black History Month Homeownership Workshop

The Atlanta Voice: King and Jackson African American Homeownership must be a focus during Black History Month

 

Hey Batter Batter, Hey Batter Batter, SWING! 

National VP of Program Development, Matt Pettit, and Founder, Todd Ludlow, spent some time in Arizona this week meeting with some of our largest lender partners, working on new programs that will help the state of Arizona and many others. We have made a few internal changes that have made these new programs possible, and we’re excited to begin rolling those out over the next 90 days.

For any baseball fans, we didn’t have time to make it to a spring training game, but we had some pretty great views of the three main fields in Arizona. Green has never looked better! 

 

 Join Chenoa Fund on Instagram

Chenoa Fund can now be found on Instagram. Follow and keep up-to-date with the latest happenings.

 

View this post on Instagram

 

8 Ways a Buyers’ Agent Can Make a Difference. Up on the blog today! #linkinbio

A post shared by Chenoa Fund (@chenoafundofficial) on

 

 Chenoa Fund in the News

The following articles have recently mentioned Chenoa Fund, CBCMA,or the Cedar Band Corporation in the past several weeks.

 

 

 Chenoa Fund Blog Posts

The following articles have recently been posted to the Chenoa Fund blog.

 

February 12, 2020

  

February 19, 2020

 

 Marketing Resources: DPA Seminar and Lunch-n-Learn Flyers

In this issue we would like to highlight DPA Seminar and Lunch-n-Learn Flyers and associated Door Hangers in Marketing Resources.

 

When you go to marketing resources scroll to these sections:

  • DPA Seminar and Lunch-n-Learn Flyers (Lenders)
  • DPA Seminar and Lunch-N-Learn Door Hangers (Lenders)